Foreign portfolio investors (FPIs) continue to sell Indian equities, withdrawing about ₹27,048 crore in May 2026 so far. Several outlets report that this brings total FPI equity outflows in 2026 to roughly ₹2.2 lakh crore, based on NSDL data, which is higher than the ₹1.66 lakh crore withdrawn in all of 2025. Reporting across outlets shows that FPIs are broadly net sellers throughout 2026 except for February, when they switch to net buying. Specifically, FPIs withdraw ₹35,962 crore in January, invest ₹22,615 crore in February (described as the highest inflow in 17 months), and then resume net selling from March onward. Multiple reports also cite a sharp outflow in March, including a record net withdrawal of about ₹1.17 lakh crore, followed by further selling in April (about ₹60,847 crore net outflow) and continued withdrawals in May. Outlets attribute the broader selling trend to “global jitters,” including macroeconomic uncertainty, inflation and interest-rate concerns, geopolitical tensions, and a stronger US dollar that makes developed markets more attractive. Separately, RBI data referenced by one outlet indicates portfolio outflows exceed FDI inflows in March 2026.